tv Markets Now FOX Business September 25, 2012 11:00am-1:00pm EDT
accent. stuart: let's not forget charles. thank you very much. charles: hey, you are welcome. [laughter] stuart: follow that dagen and connell. dagen: you have been planning that for probably two years, i know you. you looked good at the golf tournament. stuart: i think my wife looked better. connell: we can all agree on that. thank you. good morning i'm connell mcshane. dagen: i'm dagen mcdowell. where is the miscommunication, romney's strength as a businessman but he's not connecting with voters when it comes to the economy. connell: we will talk about that. then the secretary of state takes on the global elite. clinton says the rich around the world not just here should pay higher taxes. dagen: the co founder of one of america's greatest companies now wants to become a citizen in another country. connell: top of the hour, stocks now and every 15 minutes
beginning with nicole pet petallides -- nicole petallides, let's talk about facebook. nicole: over the weekend with facebook on the cover of barron's, with the down arrow, right? $15, certainly just saying it was still too pricy at the current levels, the stock sold off. here it is now gaining about 1/2%. but still for this week alone, down 9%, just in these two trading days, so it shows you that's still under significant pressure. mark zuckerberg of course time it sold off and it was lower was saying buy, double down, you know, pick it up but someone like barry diller and some insiders say well mark zuckerberg is young, his view is much longer term than most. nowhere near the $38 ipo price. the dow is up 60 points, above 13,600 once again.
the s&p 500 up about 1/2%. much like the tech heavy nasdaq. some names that are leading the way on the dow, including home depot, pfizer, general electric and merck. back to you. dagen: thanks nicole. the latest rasmussen poll shows president obama and republican nominee romney essentially in a dead heat. president obama winning by just 1 percentage point as the race enters its final weeks. senior fellow at the american enterprise institute is joining us now from washington, d.c. kevin good to see you. what is the one thing that mr. romney will do to try and push ahead with his economic agenda that he has not been doing and that needs to be doing in previous weeks? >> well, i think that the biggest thing coming up is that governor romney is going to have a chance to speak directly to the american people in the debates and to challenge president obama. you know, one of the untold stories of this campaign for example is that president obama has absolutely no plan to create
jobs. that thing they were waving at the convention, his 4 trillion dollars plan was actually just his budget from last year which went -- which went to the floor of the house and senate and got no votes. that kind of conversation is not getting through because of the mainstream media bias. dagen: mr. romney can also speak for himself. he has been widely criticized i was watching the o'reilly factor with bill o'reilly just last night about lack of specifics. he was asked in the interview of 60 minutes to get specific on the tax breaks he would get rid of, and he kind of backed off of that question. is he going to give us more specific information about what he wants to do to the tax code, just as one example? >> the tax code is the one place where he's been criticized for that. he has a plan for medicare, medicaid, social security. he has a plan for everything,
and obama has no plan whatsoever. and so when you are talking about specifics about that corner of what he's proposed, the tax plan then you are pushing the envelope towards romney in a way that you never do to obama. obama has no plan whatsoever. now the fact is -- dagen: he wants to raise taxes on wealthy americans -- >> let's take a look at that one. president obama ran last time on that and he didn't do it. dagen: i'm personally interested in this about the tax code. is he going to get into -- since he has been getting into specifics on the all other issues will he do the same on tax reform? >> he's given a lot of specifics on tax reforms, including the rates, and do that by broadening the base. he hasn't done put lines in the sand on base broadening. if he puts lines in the sand now, then basically the tax plan
will never happen. governor romney knows how to govern in a bipartisan way. that's why he's proposing it the way he is. dagen: i think you will concede this as well if he starts giving specifics, then his opponent, the obama campaign can then get into well you are going to raise taxes on these people, is it really more of a political reason at this point in the election cycle? >> you know, i think that the political reason is that he wants the thing to pass next year, and he recognizes that to do that, then he's going to have to change the tone in washington. now he's coming in as an outsider who governed in the state with 85% of democrats. he knows what it takes to get things done. one of the things you don't do is go after the most treacherous areas of the code and draw lines in the sand so you can't negotiate on honest basis. i think the distinction between romney and obama will be very very clear in the debates. again we have a president with no proposals whatsoever. here we're talking about
footnotes in the romney plan. dagen: you snow what -- you know what? i'm a nerd so i like talking about footnotes and i'm sure there are a lot more nerds and others just like me who like getting into this. kevin, thank you. >> thank you. connell: our next guest says if you look at the markets, people are not so much worried about who wins the presidential election but they are worried about who controls congress. so the chief investment strategist of raymond james in florida today is joining us. what did you find out about the congress? >> if you look at all the different combinations back to 1936, the markets are more concerned with having republican-controlled house of representatives and a republican-controlled senate, and it doesn't really matter whether the president is a democrat or a republican. under that congress being republican, markets are up about 15% over the next 12 months. connell: okay. that's -- it's interesting because -- and you say it doesn't matter because the
conventional wisdom going back into the 90s and people talked about it in the most recent cycle as well is that gridlock was good in congress and they say you get a democratic administration, let's have a republican congress or, you know, vice versa, but it's not necessarily gridlock you are seeing. it is the particular party that's in the congress because now you might argue hey maybe we have too much gridlock, nothing is getting done. >> that's what we've had for about the past 3 1/2 years. connell: right. >> i think the surprise coming out of this election irrespective of who wins the presidency is you will get smarter policymakers and therefore smarter policies. everybody i have talked to inside the d.c. beltway realizes we are on unsustainable path. i think we will see progress made once the election is behind us. connell: smart would be a surprise, we could joke about it, but it really would. what specifically makes you think that? just because they have to figure it out, they will? >> i'm not a tea party person, but i think the tea party
surfaced what adam smith wrote about in the wealth of nations where he talked about the political corruption that prevents prosperity. if you vet the 63 people that were brought inside the d.c. beltway at the midterm you will find out the majority of them came out of private sector. they are not professional politicians. if you talk to them, they will tell you we really don't want to be here but we think the country is off course and we're trying to put it back on course. it is palpable inside the beltway. connell: let me ask you one last question on the relationship between the stock market and the elections, particularly this time to go back to the presidential election. mitt romney in the famous video that leaked out it said oh boy if i'm up in the polls -- he gave the impression of donors down in florida, if i'm leading in the fall in the polls, i think the market will reflect that and you could see a rally. you could say he is not leading in the polls and the market is still doing pretty well. is that because people are optimistic about obama reelection or is that because we overblow this and there's not that much relationship between the two?
>> i think the market is going up because we won't go into a secondary recession. i don't think china falls apart. and you have got this performance anxiety. you know, 11% of professional money managers are outperforming the s&p. the rest of them have got a lot of catch-up to play between now and year end. connell: that's a good point too. yes they do. we're up 53 today by the way. jeff, always good to see you. thanks for coming on. >> pleasure. dagen: toys "r" us looking to make a big hiring push for the coming holiday season. the toy retailer says it will hire 45,000 seasonal employees across the u.s. that's an increase of 5,000 from last year. the retailer said it retained about 15% of the holiday workforce after the last season ended. the hiring will start this week, continue through december, and be focused on those pop-up stores that toys "r" us puts up. electric carmaker tesla cutting revenue forecast for this year because of slower than expected
rollout of its new model s sedan. it now says it expects full year revenue to be in the range of 400 to 440 million dollars, down from original projections of 560 to 600 million. take a look at shares, down 8%. people don't want to drive electric cars, just a heads up. and apple's employee number one may soon be headed down under. steve wozniak telling a newspaper that he wants to gain dual citizenship with australia partially because of its planned national broad band network. he cofounded apple with steve jobs in 1976. connell: of all the reasons; right? dagen: i could list 20 reasons why i would move to australia. that wouldn't be one of them. again, like, i might be a nerd but i have nothing on woz. connell: we're talking all the time --
dagen: i get annoyed when the sun goes behind the clouds. connell: thanks for that. we talk all the time about taxing the rich, on and on, but forget about taxing the rich in this country. hillary clinton wants to go after the wealthy all over the world. see what the judge, judge napolitano thinks about that coming up. dagen: the u.s. navy is shrinking as china's is growing. take a look at the oil market. we will talk about where oil is headed.
connell: let's go back to nicole. quarter past the hour and stocks now every 15 minutes. talking about staples. nicole: that's right. when you talk about a retailer, i mean the story should be the same regardless of what retail it is. this is a very tough struggling economy. and staples, like all the rest
are saying how are we going to increase sales, cut costs, during tough times? and this is one of the ways that they are doing just that. they plan on closing 60 stores. 15 here in the states. 45 abroad over in europe. and they plan to reduce their retail space here in the states by about 15%. in the meantime, they will have cost savings of about 250 million dollars. they will be able to -- on-line. they planned leadership changes. a lot to inhale on one day; right? down 4% right now on staples. i left out stiff competition. back to you. dagen: thank you. let's check on the price of oil. it is the one commodity we care most about unless you have loved gold. up 82 cents a barrel, 92.75 right now. but oil has fallen about 9% in just the last five sessions. will that tumble continue in the long run? our next guest is live from the
cme group. is the path down rather than up like we're seeing today? >> well, i mean there was a lot of long liquidation pressure that put that price down to where we're at right now. the key level is 100 day moving average which is just above $90. if you fast forward, later on today we have api. tomorrow we have the department of energy. remember last week the department of energy released that build of about 8.5 million barrels. that was way larger than most of the analysts' estimates. tomorrow they're expecting about 2 million barrels. if we come in closer to like 3 1/2, 4 or above you are probably going to see oil prices threaten and break $90. there's probably quite a few sell stops from long position players down there. the momentum may continue. if we get closer to the 2 million, or we start to get a rise in geopolitical news, we saw iran, they launched about four missiles out in the persian
gulf today. i think that's what's holding oil up. but the path of least -- least resistance seems to be on the down side. dagen: how about saudi arabia? >> i think they are biassed, and they are definitely pumping oil at maximum capacity. i think if they could get oil down to the mid 80s, wow, that would bring national gas price average right around 3.81 right now that could get it well below the 3.70s. i think that would give a boost to the obama campaign and help out the market. dagen: phil, good to talk to you. take care. we will see you soon. >> thank you. connell: we're going to talk about this money war on the high seas. the thing is we will talk about what this means. the u.s. maybe is shrinking while china's is growing. dagen: and foreign policy one of the top issues now in the presidential race. president obama speaking at the
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>> at 22 minutes past the hour i'm juliet huddy with with your fox news minute. iran has test fired four missiles designed to hit warships as part of a drill near the strait of hormuz. a military official says the country has also deployed a domestic reconnaissance drone capable of staying in the air for 24 hours. secretary of state clinton's meeting with libya's president marks the first between the two countries since the u.s. ambassador and three other americans were killed back on september 11th in an attack on the american consulate in benghazi. and nasa's mars rover has touched its first martian rock. the rover spent the past several days investigating the stone before making contact with it. it's currently making its longest drive on the planet to date. those are the news headlines on fox business network. i'm juliet huddy. to dagen and connell. i don't know why i find that
funny. connell: i don't know either. dagen: china looking to put an end to the united states domination of the western pacific by expanding its navy presence, forcing the u.s. to send a significant number of troops to the region in response. connell: fox news adam housely is with us now in san diego with the latest on that. adam? >> yeah, connell and dagen it's one of those stories that's kind of flown under the radar a bit because so much is going on in middle east and on going operations in afghanistan but it is extremely important in the pacific because china is doing what it can to really increase its reach if you will because they are going for more resources as we know and more influence in the region. over the course of the last 20 years they have increased their defense spending by 15%. and today they actually unveiled officially their first ever aircraft carrier, actually purchased from the russians and then refurbished by china. it is important because china because of this reach there are
problems now with -- water gun attacks in the last days and as well as disputed islands with japan, both sending ships with the chinese and japanese. cause for a lot of concern. a lot of people who are experts in the region say china is the force to be reckoned with. >> it is the big game in town, you have other countries, japan, taiwan, vietnam, southeast asian countries, etc., they tend to be reacting to what the chinese are doing. >> and the americans are reacting also. in fact, secretary clinton was recently in the cook islands, a lot of islands that haven't been talked about since world war ii are now once again becoming major pawns. the u.s. says they are doing a pivot. they are putting now a majority of the ships here in the pacific as well. we know 15,000 marines that have come out of afghanistan are now in the philippines, countries like the philippines, vietnam, taiwan, japan, australia all allies of the united states are asking for help, and we talked to u.s. commanders.
they say that since of course 1909 and the great white fleet that went around the world to kind of show america's naval prowess. we need to continue to be a power in the pacific. >> it is important economically, it is important for the future of the world because so much is happening in the pacific rim region and it behooves all of us to not just follow it to be an active part of it. >> yeah, connell and dagen york know -- you know, 29 of the world's largest ports are on the pacific rim, that's not counting the ones further. the united states is working hard to put more ships in the region. they will continue to do so over the next 6 or 7 years. connell and dagen? connell: adam, thank you very much. dagen: we head to the middle east, concerns rising there and
again forcing foreign policy into the spotlight in this year's presidential election. connell: and the judge is coming in. we will see what he thinks about secretary of state clinton's, her comments, that the rich around the world don't do enough, higher taxes, the judge. let's take a look at some winners today so far on the s&p 500.
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up to respond to that for us. and then surprise, theft of apple's most desirable products on the rise. we will also talk about the latest controversial play involving the officials in the nfl and the new twist on it, big money effect out in vegas. all that coming up. dagen: 30 past the hour. bottom of the hour, i will save my headline for that coming up. connell: yes. dagen: every 15 minutes stocks now caterpillar, talk to me nicole. nicole: i will tell you the dow is up 44 points right now dagen but caterpillar one of the few names on the dow that has a down arrow. there's a look at it. down 2.2% right now. it is the number one loser in the dow jones industrial average. the number 10 loser in the s&p 500. this as they have cut their profit outlook, like so many companies, so up through the year 2015, the profits will be less. they still say they will be profitable, despite what could be a recession, but basically
just saying they are going to have to cut their numbers, like so many other companies. we have seen all the heavy weights doing just this, talking about struggling economy and having to cut the profit numbers. that's where you are seeing a big loss today. back to you. connell: breaking news on the close of the european markets for the day. let's get the numbers. ashley webster in the newsroom? ashley: european markets are getting a boost from news on this side of the atlantic. latest consumer confidence numbers in the u.s. actually helping to close gains. there is a bit of a standoff going on between spain and the ecb. spain saying it needs more details of a possible bond-buying program. while the ecb says it is waiting for spain to ask for help. that's where we stand. spain by the way holding an auction of short-term debt today and paid slightly higher costs. now the auction is being held as tensions mount in madrid, where
more than a thousand police have now locked down the area around the parliament building, a protest under the name occupy congress is calling for new elections, saying spanish prime minister was elected on false promises. meanwhile, tensions also rising in athens as greece braces for a nationwide strike tomorrow. everything will be affected. everything from airlines and schools and hospitals, similar strikes in the past have turned violent. and riot police are on high alert. there goes the euro zone, just another day in paradise. dagen? connell: as the world turns. thanks ashley. dagen: president obama speaking last hour in front of world leaders at the united nations general assembly. >> more broadly the events of the last two weeks also speak to the need for all of us to honestly address the tensions between the west and the arab world that is moving towards democracy. connell: matt walsh is here with
reason magazine. >> he tried to make a big statement and finally clear the air and have a honest discussion. i think the content of the speech was pretty fundamentally incoherent in many ways. there was a section talking about how we should respect freedom of speech in the wake of the innocence of muslim videos but he bracketed that with a whole bunch of i think we must reject this crude and disgusting video, we must always condemn hateful speech. no, it is not all of our duty to condemn every bit of speech we find hateful. it is certainly in my view not the president's job to when you're under fire from people -- when you are under attack to give respect to their basically disrespectful urge behind the attacks. dagen: mitt romney has countered the president's talk about what's going on in the middle east and north africa saying we need stronger leadership. what would that be, exactly?
>> i think republicans are having their own version of the fantasy that democrats had in 2008. if we only elect our guy, suddenly the world is going to love us or respect us, fill in the blank. that presupposes that america kind of runs or dominates world affairs or could control it in some way, which we cannot. it also has -- you know, it also supposes that we are going to be more vigorous in the world about not letting different people get nuclear weapons or standing up against dictators and part of the incoherence of obama's speech is that he said we will not dictate to what happens with these democratic transitions. the next one, iran must not be allowed to have nuclear weapons. the libyan leaders -- or syrian leader must step down. all these musts about what we would actually like to -- dagen: that makes us look weak, doesn't it? >> when you use the word must and not back it up, it makes you look weak. if you use the word must and
back it up, it makes you look like a bully. connell: couple of weeks into this where foreign policy has come back and been a big issue in the presidential campaign. at first romney's criticized and said you shouldn't have jumped to some conclusions in the libyan situation. do you think it was the right thing to do in terms of the way it was handled and how it's affected the campaign? >> there's always room to criticize the president of the united states for his conduct in foreign policy in every situation. unfortunately i don't think romney has a particularly coherent vision to substitute it with. he's already sort of backtracked on his initial burst of criticism. it might have hurt him in the short run. but i don't think it is up to a presidential candidate to silence his voice in the face of international affairs. connell: good to see you always. >> thank you. dagen: general electric meantime looking to nearly double its mining business to 5 billion dollars in revenue by 2016. this according to a company executive. the expansion allowing the industrial powerhouse to build
new revenue streams to compensate for the company's slower power plant business. as a result of the expansion, ge will be pouring money into mining and drilling equipment as well as into power generators that it sells. take a look at shares of general electric and how they are trading today, up more than 1%. connell: it is. all right, highly desirable especially for those who don't want to pay, apple's high-tech devices, well, they are the dream for thieves right now, as well as tech geeks. dagen: and that awful, disgusting disappointing end to last night's nfl game. it cost some people big money. and will it cost the nfl fans? connell and i will answer that as well. and then in a totally unrelated subject, take a look at how treasuries are doing today. [ female announcer ] the best things in life are the real things.
nature valley trail mix bars are made with real ingredients you can see. like whole roaed nuts, chewy granola, and real fruit. nature valley trail mix bars. 100% natural. 100% delicious. >> i'm lori rothman with your fox business brief. home prices rose for a fourth consecutive month in july. now the report shows prices were up 1.6% from june on a non-seasonally adjusted pay sis, but -- basis, but the figure did fall slightly below expectations.
shares of barnes & noble are higher, the retailer is launching nook videos this fall and says the service will be available in the fall. the company has licensed content from major studios including hbo stars and viacom. and leapfrog shares are jumping today. this after the company said its leap pad 2 was selected as one of wal-mart's top holiday toys. it's seen more competition recently from the likes of apple as the tech giant expands its products towards toddlers. that's the latest from the fox business network giving you the power to prosper. [ owner ] i need to expand to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help. wells fargo.
together we'll go far. dagen: oh man you are going to love this story. should the federal government regulate bad driving? it is a serious question. and u.s. senator chuck schumer of new york has called for new federal rules for satellite based gps systems to stop trucks from crashing into overpasses.
connell: is that the way to go? nobody better than elizabeth mcdonald, she's here, with the bottom line, regulation nation, the whole deal. liz: here's the deal, senator schumer was at the most struck bridge in new york state it is on the hudson river parkway. it was hit # 5 times -- 95 times since 93. he's saying there's been 200 crash as year in new york state. 855 over the past decade. he says it is costing taxpayer millions of dollars to fix the bridges and for signs. here is senator schumer on this issue just yesterday. >> and many truckers may not know that the gps has no -- right now it's programmed to be the same for a 5 foot high ford taurus or a 15 foot high tractor trailer. liz: here's the deal, the
department of transportation says truckers already have navigation devices that warn them about bridge clearances. the senator is blaming gps for 80% of these crashes, but the problem is, truckers are using google maps or consumer gpss when they should be using the trucker device. here's what the senator wants, he wants all gps manufacturers to put these warning systems for truckers in every device. dagen: i drive this stretch of highway. i know it well. it is called no commercial traffic. like on the parkway, there's no commercial traffic allowed. if you are a big enough idiot to drive your tractor trailer on that stretch of road, you pay a fine and lose your license forever and the company pays a fine. it is not that hard. liz: the senator basically wants manufacturers to take up the issue. you are saying have police ticket them. that's the bottom line. dagen: if you wreck like that, you lose your license forever. if you drive your tractor trailer into an overpass -- liz: i will tell you, i have been on the parkway behind
trucks carrying sewer pipes. it is like something out of road runner cartoons. the senator not only wants new rules he wants the department of transportation he sent a letter to ray lahood investigate this matter. he also recommend nationwide standards to address the problem, meaning force gps makers to accommodate truckers and have them in their navigation device makers for truckers and all gps systems. will this work or should you just ticket them? connell: i wonder how the new apple software would work. liz: we got dagen fired up; right? connell: apparently. great to see you. dagen: thank you, liz. call it the dark side of success. thefts of apple products in new york city skyrocketing. 11,447 apple products were stolen so far this year according to the n.y.p.d. that's a 40% jump from the same period last year. overseas apple's iphone 5 found
itself the target of thieves this past weekend. in japan and the u.k. connell: just a quick sports headline for you before i go back to the markets and the replacement refs -- the replacement officials in the nfl, again the center of controversy. you have probably seen this but if you haven't, check this out, last night's game. the seahawks quarterback throws it up for grabs. and the green bay seemed to come down with the ball, looks like he's got it. but the receive ser grabbing it as well -- receiver is grabbing it as well as they go to the ground. one guy says touchdown. one guy says touchback. they go to the replay, they hold it at the end as a touchdown. everybody is up in arms, but i mean it is replacement officials and the regular nfl officials have been locked out since june because of a contract dispute. this is just the latest example of controversy to say the least. dagen: it will hurt the sport because i for one will not watch another nfl game until you get rid of the replacement refs, not
one. connell: you won't be the only one. dagen: after that, i was furious last night. connell: it's time to go to nicole. let's check the ratings in two weeks if it will affect it. i don't know if it will. dagen: it will. nicole taking a look at some movers for us. nicole: you dagen and everyone else watching the nfl were screaming at the tv last night. let's take a look at some movers here, in particular, looking at carnival cruise lines, that is one of our movers today, new high coming out with their quarterly numbers that beat the street, revenue per cabin beating estimations. you can see it is up about 3%. gamestop the the number one loser in the s&p 500. safeway getting upgrade at bmo. google new all-time high for google. 764.89. dow component home depot also new high, 60.58 for home depot.
it goes back to around the levels of 2000. it was higher back then, but it shows you obviously this is over a ten year high here for home depot. as far as the major market averages the dow jones industrials up 44 points here above the 13,600 mark. connell and dagen? dagen: thank you, nicole. connell: all right. now that we have calmed down -- dagen: no i'm not any more calm. i'm going to lose my -- during the break. connell: wishful thinking.
i've got a portfolio manager who is all things grains and meats. watching the grain markets at these historical highs, this is killing the pork industry in general, a lot of publicly traded stocks and pork prices are affected by this. >> absolutely. this is what happens when you have very high grain prices, producers are actually force to liquidate their herds. that's exactly what's been happening over the course of the summer months. you have seen liquidation in that market. initially because of the high prices, margins coming down, prices going down, but certainly over the course of the last six weeks, you have seen a bid under the price of hogs, and you will continue to see that as we move into 13 because supplies will be quite tight. sandra: as we stop and take a look actually, you can kind of pan over the meat pits here, what would be the trade on this? obviously this means higher pork prices in the long run. hormel, smithfield foods, these are some of the major pork
producers that are batting these higher costs -- battling these higher costs. are they going to pass this along to consumer? >> i don't think they will able to do that. producers are not able to pass along the higher producer prices. that's what we have seen in pricing power not just across the meat and commodity sector but across the economy this general. sandra: the grain room is just through there. we show that a lot on fox business network still sitting at historical highs. what's the lookout for inflation at these levels? obviously this brings the fed into the picture as well. >> sure, well, food inflation tends to be transitory one because we get a chance every year to produce another crop, two because of globalization you have seen two crops from the southern hemisphere. we think those prices are transitory. some of these issues do end up being embedded in longer term prices and longer term expectations. so inflation, yes, for a short period of time, but no for the longer period. sandra: that being said, we're
in the segment called the trade, and you are a portfolio manager looking at all these products, what do you believe the trade is today when it comes to these agricultural markets? >> certainly we are very interested in being long hogs into the middle of 13 on this diminished supply, slightly higher margins. a little bit of a turnaround in the economy that will allow people to pay up in the supermarket for your bacon. sandra: all right. we will have to leave it there. portfolio manager. guys there's a serious agricultural trade going on down here on the floor and the stock market as well as you saw present in those stock prices. back to you guys. connell: paying up for the bacon. sandra thanks. dagen: thank you very much. judge andrew napolitano was supposed to be here. he unfortunately couldn't make it because of a scheduling issue. we promise to get him back on. but we can still touch on the story he was going to discuss. connell: just briefly, he would have been fired up about this and maybe he will come back tomorrow or the next day or whatever. hillary clinton was speaking at
the clinton global initiative which is happening here in new york. she made comments about wanting to tax the quote unquote elites not just here though but around the world where she said there are rich people everywhere and they do not contribute to the growth of their own country, so a lot of people talking. dagen: and be careful -- and the judge will be on with us tomorrow. be careful what you wish for though there are some nations like france for example that have wealth taxes where they essentially just tax wealth, not income, not realized gains from investments, it is just your stuff, and does it work? connell: you can give opinions i'm sure the judge or whoever else, i mean the facts are wherever you go, the rich people are paying such a huge percent -- just in percentage terms, just a huge percentage of the overall taxes that it is a difficult statement to wrap yourself around. dagen: we already have a progressive tax code.
connell: well said. dow up almost 40 points, 13,500, almost 13,600. dagen: president obama outlining his views and plans for the middle east in that u.n. address this morning. connell: the question is the president's policy for the middle east off track? cheryl and dennis are up in the next hour. they have our good friend stuart varney on. all that coming up on fox business.
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or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! connell: market now continues. and a lot of housing talk coming up in the next hour. dagen: biggest gain in almost two years. dennis and sheryl will talk to mr. stuart varney. do not drive anywhere in the
city. have you been stuck in traffic? dennis: i do not drive in the city. cut taxes. create 7 million jobs. that is what mitt romney and paul ryan say they are going to do. cheryl: president obama telling the world leaders at the un that the united states is committed to a democratic middle east. mr. stuart varney will tell us why that is way off track. dennis: a global bacon shortage coming. sandra smith at the cme on how you can make money on that. cheryl: lots of economic data. as we do at the top of the hour, we have nicole petallides at the new york stock exchange. nicole: year to date, stellar.
they just came out with better than expected profits and recovery. the housing market is up more than 100%. more than doubling. so many of these names are up 70, 80% year to date. take a look here today. you can see a lot of these names up. we saw the rise of 1.6% month over month. stellar performance. we did come in a little shy of the estimates, but still. let's take a look at the dow, nasdaq and s&p. the s&p is up nearly four points. the nasdaq composite up one third of 1%. much like the dow, up one third of 1% as well. back to you. dennis: thank you. cheryl: breaking news.
philadelphia fed president is speaking out against the feds latest round of easing. peter barnes joining us now with details from philadelphia. >> we have his remarks. he is about to begin his speech. he is ripping into this latest move by the fed to stimulate the economy more. the additional quantitative easing announced a couple weeks ago. he says it will not bring down interest rates enough. not enough to make a difference. he thinks any reduction will be "small and transitory." he thinks consumers are still creating their balance sheet, cutting debt and saving more. he thinks low interest rates will have the opposite effect because of low returns on savings accounts. people will save even more dust cutting consumer spending. he thinks the real problem is
issues beyond the control of the fed. he worries that the fed benefits are not worth it. he thinks this will sow the seeds for additional inflation and this -- he favors starting to raise interest rates sooner rather than later. cheryl. cheryl: peter barnes, thank you very much. later on this afternoon peter barnes will be sitting down for an exclusive interview with charles plosser. that will be later on this afternoon. dennis: 7 million jobs. that is what paul ryan told fox business which had sent in an
exclusive interview. take a listen. >> we need to get our tax rate down. that triggers significant growth. dennis: capital senior john brown worked with margaret thatcher. why don't we just cut tax rates 80%? >> i think there is evidence to show that tax rates to increase activity. certainly with margaret immediately dropped the top rate and tax from 92% to 40%. to reduce the foreign exchange controls 20 overnight. this had a huge impact on people. she was also into the air --
deregulation. and incubation for smaller companies. in the bidding for the new contracts, she forbid two years british telecom to be in the bidding. a chance for the new high-tech companies to take off. it had a tremendous effect. she was always very clear. sometimes wrong, but never in dow. she gave us rarity. dennis: i am not sure we see anything like those old plants from either candidate. the uncertainty that you are talking about, actually, it is more just the certainty of taxes going up. >> well, yes. i think actually worse than that is the uncertainty. for some people down, for some
people the same, for some people up. there is no direction. no clarity overtax, regulations, and it is no clear direction. very little. especially on the telegraph side of pro-business rhetoric. very little faith in the people. that was the key of margaret thatcher's regime. freedom from government, things like that. freedoms from the tax man. dennis: margaret thatcher needed people dealing to cut back. look at the trouble mitt romney got in for the 47% comments he made. are the american people ready? it sounds like they are not if they are ready to reelect president obama. >> they are just yearning for margaret thatcher type clarity
and conviction. they are worried, of course. i totally agree with the fed man in philadelphia. the huge spending is just going into deposits, bank deposits of individuals and businesses. they have no confidence. it is not showing inflation. once they get length against by the banks, that is when the massive inflation will take off. dennis: last question, quick answer. you cannot cut taxes, you have to cut spending first. why can't you cut both at the same time we met oh, i think you can. cutting taxes would at least be something and giving people confidence. it has to be evenhanded. i would move myself towards
steve forbes flat tax. this is what i call representation. the taxation with representation and set up representation without taxation. dennis: thank you for being with us. cheryl: i happen to know one of those as well. president obama addressing world leaders at the un just a couple of hours ago. he outlined his view for the region. listen. >> i am convinced that ultimately government of the people, by the people and for the people. it is more likely to bring about the stability, prosperity and individual opportunity that serves for a basis and peace in our world. cheryl: ronnie taking advantage of recent violence. we are joined right now by stuart varney.
has he gone completely off track at this point? >> a fundamental misjudgment of islamic, north africa and the middle east. can you name me a single country in that region which has a democracy that you and i would recognize as a democracy? cheryl: i would have told to egypt, but not now. >> showed me individual liberty. you cannot show it. the president has a fundamental misunderstanding of that islamic society. the president did nothing to support those young freedom fighters who are out there in the streets getting shot. there is a miss reading here of how we should relate to the new emerging muslim societies of north africa. cheryl: he seems to be making some mishaps. romney could have a moment here
to take advantage of that. has he presented himself as someone who has troops foreign policy experience? i am not sure he is projecting that either. >> he wants to realign our foreign aid program. in particular, money going to countries to like egypt. i do not know what he would do. he is asking, i think the right questions, you asked about his experience inform policy. zero. but then again, how much did president obama have before the white house. cheryl: all of this is happening this week. the president chose to go on "the view" instead of meeting with the prime minister of israel. do you think it escalates, or did the president make another misstep. >> i think he made a misstep. we have six week directly and tell we vote. in that time frame, what will
the president stress in his reelection campaign? it is not foreign policy. he is walking away from that because of the flareup in the middle east. he is not mentioning that. he is not mentioning the economy. he is trying to appeal to the young voters. he is reaching that audience. that group of voters. he knows he loses on the key issues of foreign policy. cheryl: that group of voters, that young demographic, they are the ones that have the highest unemployment. if i am sitting at home without a job and i see my president on "the view" -- what is this guy
doing? >> how many guys think, hey, this guy is cool. he is on my show. he likes music. he is there with the pimp with a limp. that appeals to some voters. have you seen the way some people's eyes glaze over? cheryl: you know and you are on it. stuart, thank you very much. dennis, over to you. dennis: home prices up month over month. what does this mean for recovery in this market? pick out now. a global bacon shortage predicted. sandra smith has how you can make money on pork bellies. ♪ -[ taste buds ] donuts, donuts! -who are these guys?
you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. cheryl: it is 15 minutes past the hour. stocks now. nicole: i have to contain my excitement here. we are talking about two of my favorite things. skiing and they can in the same half hour. you are torturing me.
resorts is up 12.5%. their revenue jumped more than 11%. they have three areas, mountain, lodging and real estate. they are doing particularly well in california and colorado. it is moving to a new height of 59.49. also a look at the dow jones industrials. losing a little bit of steam. holding onto the green. the fear index slightly in the green. dennis: a bacon necklace. oil is reversing. it is in the green today. phil length of price futures group has an eye on oil from the cme. >> the iranian risk premium, it is back today. we saw a lot of the big bounce
today. president obama said it is time for a diplomacy that may be ending with iran. the united states will do what it must to stop iran from getting a nuclear weapon. that definitely gave the market a boost. the bottom line when it comes to oil, we are fading here a little bit. it does not seem to be enough to keep the market going. we are giving back some of the gains. this market will focus on what the iranian president has to say tomorrow. that means we could be brewing a little bit of a bottom under the oil market right now. dennis: tank you very much. cheryl: just what we need, everybody. one senator calling for what amounts to the government regulating bad driving. we will explain that coming up in regulation nation. dennis: this on the surface of mars. we will tell you how the mars
rover is doing. first, take a look at the u.s. dollar. ♪ 4g lte has the fastest speeds. so let's talk about coverage. based on this chart, who would you choose ? wow. you guys take a minute. zon, hands down. i'm going to show you guys another chart. pretty obvious. i don't think color matters. pretty obvious. what'sretty obvious about it ? that verizon has the coverage. verizon. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined.
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>> @21 minutes past the hour, i have your fox news minute. a bomb going off a school in syria. one activist said government forces used the school. seven people were injured in that attack. we will get you more on that later on. the supreme court will decide when law enforcement officers need to get a warrant for blood tests. the high court agreed to take up the case involving a just cute and missouri. mars rover curiosity touched a mars rock. it also has a pyramid shaped stone with a laser in order to analyze the content. the rover will be traveling next to a sandy area so they can check out the scooping system. that is the very latest. dennis: regulation nation.
that government monitor driving? >> he says there is a spike in the number of trucks crashing into bridges. they are due to truckers wrongfully using gps systems. here is the senator talking about it yesterday in upstate new york. take a listen. >> the gps directed me on to it. many truckers may not know that the gps is programmed to be the same for a 15-foot high tractor-trailer. >> here is what the senator wants. we have two other crashes a year in new york state, nearly 900 crashes over the past decade. he not only wants this rule, he
wants a probe. he is asking the department of transportation to investigate the matter. for gps manufacturers to put warning systems for trucks in all gps systems. he is blaming gps systems for 80% of the crashes heard why don't they just take it these guys. dennis: that would be up to the driver to figure out whether the rate is high enough. now schumer wants them to actually start putting in height and put in all that work? >> yes. new york state department already has had trucking systems, gps systems, for the truckers do have that information. instead of using google maps, consumer devices, senator schumer wants all systems to have the truck warning on them.
cheryl: lives, have you gotten any information from places like -- gps has not steered me wrong, but i may not have been paying attention and took a wrong turn. >> it is putting them onto parkways because it is giving them the wrong direction when they should be looking at the signs. it is costing taxpayers millions of dollars to fix the bridges. let's take the federal government to the contributors and fix this problem. dennis: your company that owns that truck should be the one who pays the damages. why don't you focus on that instead of a rule to do
something extra insides of the product. cheryl: well, that is the easy thing to do. especially if you are senator schumer. i am the only bad driver out of the two of us. dennis: good job, with that story. cheryl: a recovery in the housing market. dennis: how can you pig out and fatten up your portfolio on the coming global bacon shortage. first, let's take a look at some of today's s&p winners and losers. ♪
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cheryl: home prices are up, but not as much as forecasted. california is leaving the golden state in -- predictions of a global bacon shortage, how you can pig out on that. that is coming up from sandra smith at the cme. some breaking news on board motors. ford will lay off several hundred workers in europe including germany and the uk and other european plants. ford think they are taking these steps and paying off a few hundred workers. the stock is moving just a little lower now. dennis: 30 minutes past the hour. nicole, carnival cruising. nicole: that is exactly right. hitting a new 52 week high. they came out with their numbers and revenue per capita. they feed the street. that was good news for carnival.
that is why if you are the stock up roughly 3%. also, they have been containing and that is good for them. cruise prices could recover in 2013. hitting a new high and year to date is it more than 17%. most of the names on wall street did have the aeros. things like home depot, pfizer, merck, you can see, now, the dow is giving up the earlier gains. right now, 13,565. back to you. dennis: thank you very much. president obama is leading foreign massachusetts governor mitt romney in the latest election polls. our next guest says only one of them has the power to spark a market rally.
the market thinks obama has this one. what happened if romney pulls off a surprise? >> obama is roughly at 73%. rasmussen has obama up only one. wall street people think obama has it in the bag. if romney wins, there will be a short-term rally. there is a long way to go. many people have expectations that the presidency is going clearly in obama's favor. if romney wins, there will be a pop in the markets. dennis: why the lack of faith wow why not the start of a 20 year bull run? >> when reagan did win, you saw a short-term pop and then the market went down. i think 2013 will be a very difficult year no matter who
wins. dennis: how old were you in 1980? >> i was ten, dennis. you have to look at patterns and right now this market is setting up with what happened with carter and reagan. if there will be a long-term rally, romney has a better chance of sustaining that. dennis: you think we are pretty much headed down. >> i think there is a lot that has to continue to go right. anyone of those issues goes wrong, the market will take a breather. dennis: yet, individual investors have stayed out of this market. always waiting for one of the things to go wrong and they are not going wrong. >> we are very conservative. when you look at faith right now, i do not have faith in qe3, i do not have faith in europe the magically fixed him a i do not have faith in stocks that a
couple weeks ago were up. the fundamentals, dennis, have not changed for the positive. earnings growth are weak. that shows me caution is the answer. dennis: they say that the stock market likes to forecast where the economy is going six-12 months out. are you now arguing that we have a total disconnect between the stock market and what it says about the economy six-12 months out? >> when you look at what the fed has done with liquidity through operation or qe3, that is not in perspective. the law indicates more juice will not produce the same amount of returns. there is a disconnect in the fundamentals. dennis: locally, so far there is no disconnect between that easing and stock prices. thank you very much for being
with us good job. >> thank you, dennis. ♪ cheryl: it is time for your west coast minute. california residents are fleeing. americans have left california in the last seven years and have moved to the golden state. since 1990 california has lost residents. better business climate of california-implement and taxes are the main reasons. city council has voted a backup plan for a new nba arena. hedge fund manager chris hansen is trying to earn back a basketball team. overall, the project could cost up to $490 million. last friday -- it was called mommy juice. now research shows for the first time in history 10% of california wineries have women working as the lead winemaker. they have more delays in the
mail counterpart. that is your west coast minute. dennis: replacement nfl refs are getting sacked again. take a look at this play from last nights game. the seattle seahawks were trailing the green bay packers 12-seven. russell wilson throws a hail mary. green bay comes down with the ball. seahawks golden state attempts to grab it. a rough world that a touchdown. it is a touchdown. this is the latest layering mistake. prefers locked out since june on contract dispute. at least one online betting site , sports book.com now trying to make it right. the website is offering refunds to betters who have the packers saying it is just the right thing to do. cheryl: that is a good story.
dennis: the latest housing data. disappointing numbers month over month. cheryl: breakfast probably will not be the same in the morning. there are concerns right now about a bacon shortage. sandra smith, who i don't even think eats bacon, is on that story today. first, as we head to break, take a look at the ten year treasury. ♪
>> i am tracy byrnes would give fox business brief. consumer confidence jumped to a seven month high in september. it is the highest reading since february. august reading was also revised higher. chinese manufacturers resume production today. the plant was forced to close monday night after a right involving 2000 workers interrupted. labor activists say the rollout of the iphone5 lead to longer hours and more pressure on employees. the close of the right is under investigation. after 75 years, smith varney is retiring from wall street.
it is being dropped by a new majority owner morgan stanley. they are instead using its own morgan stanley wealth management. that is the latest from the fox business network. ♪ well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself. it's law that just makes sense.
♪ cheryl: european markets struggling to find direction. stocks overseas liming. ashley webster is here now. ashley: finally some decent economic data around the u.s., helping the european markets. not by much. they are up about .5%. again, all eyes on spain, cheryl. there is a standup going on between the prime minister and the ecb. what exactly are the conditions if we do indeed request a bailout into by our government
debt. the ecb said, well, let's talk about it. cheryl: they have no choice at this point. ashley: they are dragging their feet. this is dangerous territory. no dow about it. they have to come up with a economic reform. this is dragging on and on and is not helping the cause. cheryl: we will talk. that will be 50 meetings. ashley: over the course of 2.5 years. cheryl: it is fun. ashley: it keeps going on and on. cyber security expert today. really interesting.
the recent attacks came from iran. we will be talking about that. cheryl: juicy stuff. thank you. dennis. dennis: i think there are too many threads on this show today. it is forcing the u.s. to send troops to the region to respond. adam joins us from san diego. >> good morning. you are exactly right. the increased presence in the entire pacific region. one third of the earth covered by the ocean. so much of the shipping comes through here. twenty-six of the world's largest ports. china is continuing its presence and building its presence. including today when they put a brand-new, for them a brand-new, they put in aircraft carrier on
the water. it is a refurbished carrier from back in the soviet days. they have gutted it, rebuild it and put it out today. it is the first carrier. important when you consider that china and the tensions that continue to build up. when you talk to experts, they say this is a true testament that china is a force to be reckoned with. >> china's defense budget has expanded around ten-13% for the last few years. this has allowed china and the chinese military to become one of the most significant and consequential military powers. >> the u.s., of course, has been a power in the pacific. we saw that during world war i,
world war ii and the u.s., in some respects, has drawn down in recent years. now, it is basically a pivot. they bring marines out of afghanistan. put them in the philippines, for example. it is extremely important. it is also important because the united states needs to show the support for our allies and continue to be the power in the pacific. >> 80% of people live within the coastline. think about all the coastline that is involved. i do% of world trade goes on the ocean. this is not just about military being there for the relationships, it is about the stability for the wait we are able to live in the world today. >> warships on the water and more chances for interaction. that is not necessarily a good thing.
philippines, taiwan, others who claim the same area, vietnam, australia also building up. other places that did not have babies in the past are now increasing their table presence. dennis: thank you very much. great reporting. it is a quarter till. stocks now and nicole petallides what happened? nicole: we are hearing some of the traders circulated some news about the fact that the imf may not agree to the next greek payment over in greece. that came from sky news. they are looking at that. we lost our gains on the day. our height of the day was 13,620. here we are almost 100 points off of those highs. really and intraday drop.
the nasdaq and the s&p both in the red at this time. also interestingly enough, the dollar is to the downside. that will be something to watch as well. let's take a look at a name on the move. that is paychex. it missed and the stock is lower. the first quarter revenue ms. that analyst expectations. down almost 2.5% for paychex. cheryl: thank you very much. one of the market stories today, home prices on the rise for the fourth straight month. missing estimates for a monthly right of 2%. or to make sense of it all brian lewis. we really are seeing a big shift in the housing market.
can we go back to spring out and say we saw a bottom? >> we turned a corner. all the numbers are looking better and better and better. i like the news. real estate is a local thing. these are national numbers and i love them. there are still people that have a long way to go in this country. the more we can add jobs to this country, the confidence in the economy, you will see more and more healing of the home sector. here in new york i work in a bubble. i have a lot of wealthier. i have a lot of good credit. people who have access to that credit. the prices have gone up up up. so high-powered jobs. [ talking over each other ] cheryl: this is a national story. financing. we keep hearing that financing is tough. what do you say? >> you have to have good credit.
you have to have a great job security. you have to have liquidity. it is a lot harder now. a lot tougher for people to get that credit. it is getting a little easier. people are getting used to it now. if you have a good job, good credit and you have some good liquidity, the rates are amazing. they are still at all-time lows. cheryl: you are seeing people take advantage of this? >> yes. absolutely. absolutely. cheryl: one of the things is we are very close to the election. we got a housing plan from mitt romney. i want to hear your take on that. mitt romney's plan all of seven pages, one of those pages is the cover. if you could craft a housing plan, the perfect housing plan, what would you tell him to do? >> get the government out of it.
let that heal. few of the fed printing up a lot of money and putting it into mortgage backed securities. we have low rates right now. i do not see what that is doing except driving people to stocks. the returns on these bonds are not great. the jobs. create the jobs. that is what i want to see. four people can take advantage of this housing market. some people say that romney plan is not that different than what obama has been doing. the housing sector is healing. it has a long way to go, but we will see. cheryl: brian lewis. thank you. always good to talk to you. dennis, over to you. dennis: hauled wild and of two arms in their preface staple. but take a look at some of today's winners on the nasdaq. ♪
♪ of the fec said is retreat. it will stop pursuing most indecency complaint in focus only on the worst cases. backing down after the justice under the apartment -- on a reality show that was aired almost a decade ago. they also find cbs for the janet jackson mishap. for a -- on nypd blue. cheryl: with four cause.
-- with poor costs rising. the pig association is warning a world association of this past season and dropped in the united states and also in russia hitting the blame for all of that. so much for the bacon. dennis: how much can you pick out? sandra smith joins us live from the pits of the cme with today's trade. sandra: this is actually a big problem and one that the consumer is not facing now, they will definitely face down the road as we see a shortage in. look at these prices every day. you are a boy from texas. what is this doing to our meat market? >> what corn does is, obviously, corn is a price to hogs and
cattle, for that matter. if you get a quick move in july, the core prices go up. it cost too much to feed them now. the front month is reasonably cheap, but the deferred months are really expensive. sandra: next summer we will be paying a lot for our bacon. >> 30% more than where they are right now. sandra: we are talking about the lowest level since 1975. this affects a lot of stocks as well. >> mcdonald's. anybody who will go out there and be a user. i think that is why this subject is being talked about. some food companies are really starting to get concerned and starting to shift menus around and that sort of thing. sandra: he just brought up a point that i have to look at closer. mcdonald's and some of those big
fast food companies. cheryl: great stuff, sandra smith. more on today's housing data and whether we will see a recovery in the market. dennis: melissa francis and lori rothman will pick up coverage next. ♪ like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
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